Warner Bros. Discovery sank 9% in pre-market trading Friday following the company’s Q4 earnings report that showed financial progress for the Max streaming service but weakness in key areas including advertising sales.
Warner Bros. Discovery shares were down 9% by the end of the company’s hourlong conference call with Wall Street analysts. Shares closed Thursday at $9.56 and were down to around $8.75 shortly after 9 a.m. ET.
WB Discovery CEO David Zaslav sought to reassure analysts that the long-term outlook for the company remains strong. He emphasized that the new regime that took over in April 2022 is still working through issues that they inherited.
“We worked really hard to get ourselves a healthy balance sheet, to pay down debt, to get below four times leverage, to really focus on on where we’re on where we’re spending money and on driving free cash flow,” Zaslav said. “And so we’ve we’ve positioned this company really now as being a healthy company and with a great leadership team with a lot of direction.”
WB Discovery shares are down 18% for the year to date.
More to come
